Invoice processing is the method of handling and managing invoices received from suppliers or vendors. This process typically involves verifying the accuracy of the invoice details, such as the amount billed, the services or products provided, and the terms of payment. Once verified, the invoice is entered into the accounting system for payment approval. This may include obtaining necessary approvals from relevant departments before the payment is made. Efficient invoice processing helps ensure timely payments and maintains good relationships with suppliers while keeping financial records accurate.